TA: Ethereum Prints Bearish Technical Pattern, Why It Could Revisit $2.2K
January 27 2022 - 12:48AM
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Ethereum failed to surpass $2,725 and started a fresh decline
against the US Dollar. ETH price could continue to move down if
there is no move above $2,500. Ethereum failed to clear the $2,700
and $2,725 resistance levels. The price is trading below $2,500 and
the 100 hourly simple moving average. There was a break below a key
bullish trend line with support near $2,500 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could start a fresh
increase if there is a clear move above the $2,500 resistance zone.
Ethereum Price Tops Near $2,700 Ethereum started a decent recovery
wave above the $2,500 and $2,550 resistance levels. ETH even
cleared the $2,600 level and the 100 hourly simple moving average.
However, ether price failed to gain strength above the $2,700
level. A high was formed near $2,729 and the price started a fresh
decline. There was a break below the $2,600 and $2,500 support
levels. Besides, there was a break below a key bullish trend line
with support near $2,500 on the hourly chart of ETH/USD. The pair
traded below the 50% Fib retracement level of the upward move from
the $2,171 swing low to $2,729 high. Ether is now trading below
$2,500 and the 100 hourly simple moving average. An immediate
resistance on the upside is near the $2,450 level. The first major
resistance is near the $2,500 level. A clear move above the $2,500
resistance might start a steady increase. In the stated case, the
pair could rise towards the $2,650 level. If there is an upside
break above $2,650 resistance, zone, the price could even attempt a
move above the $2,700 zone. The next major resistance is near the
$2,850 level. More Losses in ETH? If ethereum fails to start a
fresh increase above the $2,500 level, it could start a fresh
decline. An initial support on the downside is near the $2,340
level. The first key support is now forming near the $2,300 level.
It is near the 76.4% Fib retracement level of the upward move from
the $2,171 swing low to $2,729 high. The next major support for the
bulls may perhaps be near the $2,200 zone. Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing pace in the bearish
zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,300 Major Resistance Level – $2,550
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